DISNEY Ups FOX Bid to Knock of Rival Comcast

21 June, 2018, 00:38 | Author: Charlene Valdez

The Walt Disney Co. logo appeared on a screen, in August 2017, above the floor of the New York Stock Exchange. Disney's latest enticement is worth $71.3 billion in cash and stock - almost $19 billion north of the company's $52.4 billion bid, which Foxaccepted last December.

The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms.

Of course, Fox will ultimately go with whichever company gives them a better deal.

Speaking to analysts on a Wednesday morning conference call, Iger was confident that Disney would prevail over Comcast in the fight to snap up the Fox properties.

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Disney believes the transaction has a clear and timely path to regulatory approval. He said that six months of dealing with regulators both in the USA and internationally has given Disney a "meaningful head start".

Comcast had no immediate comment. AT&T just bought Time Warner for $81 billion, after a federal judge rejected the government's antitrust concerns.

However, there is a conflicting report from Bloomberg that claims that Disney and Fox have agreed on this amount and that their deal is going forward. GBH Insights analyst Dan Ives said he thinks the "line in the sand" is $75 billion to $80 billion.

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Disney no longer expects to complete the $20 billion share repurchase announced in December, McCarthy said.

Mr Murdoch has always favoured Disney's offer because he is a big admirer of the company's chief executive, Bob Iger, under whom Disney has become a global entertainment and theme parks powerhouse enjoying substantially stronger growth than the wider media sector. The collar on the stock consideration will ensure that 21st Century Fox shareholders will receive a number of Disney shares equal to $38 in value if the average Disney stock price at closing is between $93.53 and $114.32.

'We remain convinced that the combination of 21CF's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the world, ' he said in a statement.

The amended agreement has been approved by the boards of directors of Disney and 21st Century Fox. Fox has postponed a July 10 meeting, which had originally been scheduled for shareholders to vote on the deal.

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